Forum Post: Ellen Degeneres, Oprah Winfrey and Dr Phil all endorsed Countrywide. The KING of subprime (predatory lending). They were paid millions to do so. Ch'Ching!
Posted 13 years ago on Oct. 22, 2011, 6:35 a.m. EST by Mcc
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The first subprime loans were issued in 1994. It was a gimmick to sell more homes, artificially inflate the market, sell more homes at higher profits, foreclose on those who could not pay when the ARM rates readjusted, take their homes leaving them with nothing to show for their payments, resell the homes at a higher profit and so on. It was a cruel and calculated plan to sell more homes and artificially inflate the market. Those loans were incredibly profitable for well over a decade before the house of cards finally collapsed. In the meantime, bankers got richer along with the richest one percent who made off with higher dividends. It was a sham.
The biggest player in the game was Countrywide. Endorsed by Oprah Winfrey, Ellen Degeneres, and Dr Phil. If you have their shows from '04' to '06' on tape, watch them again. All three were paid millions specifically to endorse Countrywide by name. The biggest subprime player in the game. They issued more ARM loans than anyone else. Foreclosing on those who could not make their monthy payments when the rates suddenly went through the roof. It was a cruel and calculated plan to sell more homes, artificially inflate the market, foreclose, and resell for a higher profit. The sham worked like a charm for 12 years before the house of cards finally fell in.
Oprah, Ellen, and Dr Phil were paid millions for their endorsements. Ch'Ching!
I tend to believe that greed went well beyond the banks and wall street. Every homeowner and investor that bought 10 properties, and leveraged their home to buy more and increase spending are also responsible. Greed went amuck, now we all pay. The reality is that the money we've paid to banks(bailout) needs to be spent and not reflected as profits for the banks. This money needs to be lent to spur economic growth and jobs. It may come at the cost of investors making a little less because of corporate social responsibilty, but it's what needs to happen to turn this economy around and get people working
We have been mislead by Reagan, Bush Sr, Clinton, Bush Jr, Obama, and nearly every other public figure. Economic growth, job creation, and actual prosperity are not necessarily a package deal. In fact, the first two are horribly misunderstood. Economic growth/loss (GDP) is little more than a measure of wealth changing hands. A transfer of currency from one party to another. The rate at which it is traded. This was up until mid ’07′ however, has never been a measure of actual prosperity. Neither has job creation. The phrase itself has been thrown around so often, and in such a generic politicali manner, that it has come to mean nothing. Of course, we need to have certain things done for the benefit of society as a whole. We need farmers, builders, manufacturers, transporters, teachers, cops, firefighters, soldiers, mechanics, sanitationi workers, doctors, managers, and visionaries. Their work is vital. I’ll even go out on a limb and say that we need politicians, attorneys, bankers, investors, and entertainers. In order to keep them productive, we must provide reasonable incentives. We need to compensate each by a fair measure for their actual contributions to society. We need to provide a reasonable scale of income opportunity for every independent adult, every provider, and share responsibility for those who have a legitimate need for aid. In order to achieve and sustain this, we must also address the cost of living and the distribution of wealth. Here, we have failed miserably. The majority have already lost their home equity, their financial security, and their relative buying power. The middle class have actually lost much of their ability to make ends meet, re-pay loans, pay taxes, and support their own economy. The lower class have gone nearly bankrupt. In all, its a multi-trillion dollar loss taken over about 30 years. Millions are under the impression that we need to create more jobs simply to provide more opportunity. as if that would solve the problem. It won’t. Not by a longshot. Jobs don’t necessarily create wealth. In fact, they almost never do. For the mostpart, they only transfer wealth from one party to another. A gain here. A loss there. Appreciation in one community. Depreciation in another. In order to create net wealth, you must harvest a new resource or make more efficient use of one. Either way you must have a reliable and ethical system in place to distribute that newly created wealth in order to benefit society as a whole and prevent a lagging downside. The ‘free market’ just doesn’t cut it. Its a farce. Many of the jobs created are nothing but filler. The promises empty. Sure, unemployment reached an all-time low under Bush. GDP reached an all-time high. But those are both shallow and misleading indicators. In order to gauge actual prosperity, you must consider the economy in human terms. As of ’08′ the average American was working more hours than the previous generation with far less equity to show for it. Consumer debt, forclosure, and bankruptcy were also at all-time highs. As of ’08′, every major American city was riddled with depressed communities, neglected neighborhoods, failing infrastructures, lost revenue, and gang activity. All of this has coincided with massive economic growth and job creation. Meanwhile, the rich have been getting richer and richer and richer even after taxes. Our nation’s wealth has been concentrated. Again, this represents a multi-trillion dollar loss taken by the majority. Its an absolute deal breaker. Bottom line: With or without economic growth or job creation, you must have a system in place to prevent too much wealth from being concentrated at the top. Unfortunately, we don’t. Our economy has become nothing but a giant game of Monopoly. The richest one percent already own nearly 1/2 of all United States wealth. More than double their share before Reagan took office. Still, they want more. They absolutely will not stop. Now, our society as a whole is in serious jeapordy. Greed kills.
MIAMI (CBSMiami.com) – Florida is touting the new jobs it created Friday after a positive unemployment report. But based on numbers from all W-2’s filed in the country, the wages simply aren’t keeping up.
According to the Social Security Administration, 50 percent of U.S. workers made less than $26,364 in 2010. In addition, those making less than $200,000, or 99 percent of Americans, saw their earnings fall by $4.5 billion collectively.
The sobering numbers were a far cry from what was going on for the richest one percent of Americans.
The incomes of the top one percent of the wage scale in the U.S. rose in 2010; and their collective wage earnings jumped by $120 billion.
In addition, those earning at least $1 million a year in wages, which is roughly 93,000 Americans, reported payroll income jumped 22 percent from 2009.
Overall, the economy has shed 5.2 million jobs since the start of the Great Recession in 2007. It’s the worst economic downturn since the Great Depression in the 1930’s.
Another word about the first Great Depression. It really was a perfect storm. Caused almost entirely by greed. First, there was unprecedented economic growth. There was a massive building spree. There was a growing sense of optimism and materialism. There was a growing obsession for celebrities. The American people became spoiled, foolish, naive, brainwashed, and love-sick. They were bombarded with ads for one product or service after another. Encouraged to spend all of their money as if it were going out of style. Obscene profits were hoarded at the top. All of this represented a MASSIVE transfer of wealth from poor to rich. Executives, entrepreneurs, developers, celebrities, and share holders. By 1929, America's wealthiest 1 percent had accumulated around 40% of all United States wealth. The upper class held around 30%. The middle and lower classes were left to share the rest. When the majority finally ran low on money to spend, profits declined and the stock market crashed. Of course, the rich threw a fit and started cutting jobs. They would stop at nothing to maintain their disgusting profit margins and ill-gotten obscene levels of wealth as long as possible. The small business owners did what they felt necessary to survive. They cut moreo jobs. The losses were felt primarily by the little guy. This created a domino effect. The middle class shrunk drastically and the lower class expanded. With less wealth in reserve and active circulation, banks failed by the hundreds. More jobs were cut. Unemployment reached 25% in 1933. The worst year of the Great Depression. Those who were employed had to settle for much lower wages. Millions went cold and hungry. The recovery involved a massive infusion of new currency, a World War, and higher taxes on the rich. With so many men in the service, so many women on the production line, and those higher taxes to help pay for it, the lions share of United States wealth was gradually transfered back to the middle class. This redistribution of wealth continued until the mid seventies. This was the recovery. A massive redistribution of wealth.
Then it began to concentrate all over again. Here we are 35 years later. The richest one percent now own well over 40 percent of all US wealth. The lower 90 percent own less than 10 percent of all US wealth. This is true even after taxes, welfare, financial aid, and charity. It is the underlying cause. No redistribution. No recovery.
The government won't step in and do what's necessary. Not this time. It's up to us. Support small business more and big business less. Support the little guy more and the big guy less. It's tricky but not impossible.
No redistribution. No recovery.
The rich and famous do not want to be seen as 'pigs' or go down in history as 'villains'. They want to be seen as 'heros' and go down in history as 'humanitarians'. The market for their product has become global. The fan base has become global. Therefore, the 'humanitarian' effort and 'good will' PR machine has gone global. These 'huMmanitarian' efforts and 'good deeds' are not chosen to address the greatest need or injustice. They are chosen almost exclusively to appeal to the largest demographic for their respective commercial products. The largest fan base. Efficiency or effect is of little or no concern. Its all about PR, marketing, image, and fame. This is why so many of the rich and famous have taken up 'philanthropy' or 'good will' around the world. This is why so many have 'schools' or 'foundations' in their name. This is why so many play golf or appear on a TV game show for 'charity'. This is why so many sign motorcycles, other merchandise, or auction off their own 'personal effects' for 'charity'. This is why so many have TV shows with a 'charitable' gimmick. This is why so many arrange photo ops with wounded veterans, firefighters, or sick children. This is why so many have adopted children from around the world (Which they always pay others to care for full time. The hired professionals are sworn by legal contract to confidentiality. Not allowed to discuss or appear in public with the children they care for. Those 'photo' and 'interview' opportunities are reserved exclusively for the rich and famous 'adoptive' parents. Often sold for millions.). This is why every 'humanitarian' effort and 'good deed' is plastered all over the media worldwide. Its not about 'humanity' or 'good will'. Its all about marketing, image, fame, and PROFIT. This is why we are so often reminded of their respective 'good deeds' or 'humanitarian' efforts shortly before or after the release of their latest commercial product. IT IS A SHAM. THERE IS NO SUCH THING AS A MULTI-MILLIONAIRE HUMANITARIAN. GOOD WILL HAS BECOME BIG BUSINESS.
Charitywatch.org is a non-profit charity watchdog. Others include guidestar.com and charity navigator.org. Of all the well rated charities (about 1500) only three are closely affiliated with celebrities. Michael J Fox (he is not the primary donor), Tiger Woods (he is not the primary donor), and Bill Clinton (he is not the primary donor). That's three well rated celebrity foundations out of 1500. THREE OUT OF 1500. That should tell you something. In general, celebrity foundations run like crap because they blow half the money flying around in private jets, securing five star accommodations, and hiring PR crews.
Don't even get me started on Jolie and Pitt.
Oh the hell with it. I'll tell you just a little.
Virtually every penny they have 'donated' has come from the sale of baby photos. The babies had no choice. The money goes to their own foundation first. Then later, a portion is donated to a a legitimate charity. Another portion is blown on private jet rides, accommodations, photo ops, and pr crap. They always schedule their transactions and photo ops to coincide with the promotion of a new movie.
The Make it Right Foundation took in over $12,000,000 the first year alone. Tens of millions overall. To date, the Make it Right foundation has helped 14 former families of the lower ninth ward in New Orleans move back into new homes. These families were not given homes. They were required to pay an average of $150,000 each. UP FRONT. That's tougher financing than any bank. The difference is offered in cheap loans or on occasion, forgiven.
That's 14 families total after 5 years and tens of millions in funding. Brad Pitt has never been the primary donor. He is nothing but a figurehead. Make it Right is the epitome of inefficiency. A God damn disgrace.
Celebrities suck. They are just like politicians. The only difference is that the celebrities have had more plastic surgery. THEY SUCK.
Still not convinced? Here is a short list of well known public figures and executives who's respective 'good deeds' and 'humanitarian efforts' were documented and publicized at critical moments in time. Their true colors were eventually shown: Bernie Ebbers (Worldcom fraud). Kenneth Lay and Jeffery Skilling (Enron fraud). Martha Stewart (Insider trading). Bill Gates (Anti-trust). Michael Vicks (Dog fighting). Wesley Snipes (Tax fraud). Mike Tyson (Rape). Lil Kim (Perjury). Chris Langham (Child porn). Jim Baker (Ministry fraud). Michael Richards (Racist). Mel Gibson (Anti-semite). Michael Jackson (Pedophile). Al Capone (Crime boss). So what else do they all have in common besides their incredible greed, over-pay, and rotten moral character? Thats right. A MASSIVE CAMPAIGN OF 'GOOD WILL' 'HUMANITARIAN' PR MARKETING CRAP. Look it up. All of the above took part in 'good will' 'humanitarian' efforts. All were publicized. They also got caught in rotten immoral contradictory behaviour. Most were convicted on felony charges. Mark my words: There will be many more. More true colors will be shown. We are living in the most profound era of greed, fraud, and hypocrisy ever. Its nothing short of an epidemic. Not a single well known living public figure is anywhere near as noble as they are made out to be. Not a single one of them took up 'philanthropy' or 'good will' until AFTER they became well known public figures. Not Oprah, Angelina, Brad, Bono, Bill, Melinda, Richard, Warren, Donald, Michael, or any other well known celebrity or executive. NOT A SINGLE ONE OF THEM. Thats right. Before their fame and fortune, there was no time in the service. No time in the Peace Corps. No work at a soup kitchen. No work at a homeless shelter. No work at an animal shelter. No neighborhood clean-up. No anti-war protest. No anti-fur protest. No environmental work. No help-line. No foster parenting. No 'Big brother' or 'Big sister' work. No adoption of children. No sponsorship of children. No fund raising for charity. No scrubbing out of garbage cans at the local church. Before their fame and fortune, there was no philanthropy, charitable contribution, humanitarian effort, or volunteer work on their part. No attempt to make the world a better place. No documentation to prove it. Not even in public record. Why not? BECAUSE THEY WERE ALL TOO BUSY TRYING TO GET RICH AND FAMOUS. If you don't believe it, then pick any well known celebrity or executive and do the research. Find out how they spent their time and money just before they became rich and famous. You will find nothing but business school, business related work, study, investing, career building, beauty pageants, modeling, singing, dancing, auditioning, rehearsal, sports, exhibitionism, materialism, and the same old self-centered CRAP. Not that I have anything against entertainment, sports, education, business, or personal goals in general. I don't. But true heroes and humanitarians are not born from RICHES. They are not born from CELEBRITY STATUS. They are not attention grabbers. They get involved on their own without the slightest regard for fame, fortune, image, credit, or profit. Millions around the world do so at this very moment. Often putting their own modest livelyhoods or lives in jeapordy. Some even die for it. Still, they don't get even a tiny little fraction of the credit and support they truly deserve. Why not? BECAUSE TOO MANY HOLLYWOOD, PRO SPORTS, AND BIG BUSINESS 'HEROES' AND 'HUMANITARIANS' DELIBERATELY GARNER AS MUCH ATTENTION AS POSSIBLE FOR THEMSELVES. THESE PEOPLE ARE FAKE. THEY ARE CALCULATED. THEY ARE GREEDY HYPOCRITE PIGS. THEY DELIBERATELY CONCENTRATE THE WORLD'S WEALTH AND RESOURCES. THEY DELIBERATELY EXPAND THE GAP BETWEEN THE RICH AND POOR. THEY ARE CAUSING THE VERY SAME PROBLEMS THEY PRETEND TO CARE ABOUT. ITS A SHAM. THERE IS NO SUCH THING AS A MULTI-MILLIONAIRE HUMANITARIAN.